Method and system for mortgage exchange

Abstract

A method and system for electronically facilitating real estate transactions by providing accurate representations of the loans a borrower is qualified to receive, which are based on actual data, rather than estimates. All actions required for completing the real estate transaction, from entry of the borrower information to the closing and funding of the loan, are seamlessly integrated. An automated underwriting engine is provided for generating a decision matrix based on user input and/or existing data. An appropriate loan is selected based on the decision matrix, and is communicated to a potential borrower. After a loan is selected, fulfillment processing is performed, and the loan is funded and closed.

1 . A method for electronically facilitating a mortgage loan transaction, the method comprising:
 receiving data associated with a potential borrower at a broker module through communications with the potential borrower, wherein the received data is actual data of the potential borrower;   generating a decision matrix for the potential borrower based on the received data;   generating a list of loans the borrower qualifies for based on the decision matrix;   selecting a loan from the generated list;   managing sub-transactions associated with the selected loan;   funding the selected loan; and   closing the selected loan.   
     
     
         2 . The method of  claim 1 , wherein managing sub-transactions associated with the selected loan further comprises:
 identifying each sub-transaction associated with the selected loan;   ordering each identified sub-transaction; and   receiving a result of the sub-transaction.   
     
     
         3 . The method of  claim 1 , further comprising:
 creating and storing a transaction profile related to the selected loan.   
     
     
         4 . The method of  claim 1 , further comprising:
 analyzing the data using an automated underwriting.   
     
     
         5 . The method of  claim 4 , wherein analyzing the data using the automated underwriting further comprises:
 extrapolating information from the broker module; and   identifying credit management actions to assist in determining loan qualification.   
     
     
         6 . The method of  claim 1 , wherein generating a decision matrix for the borrower based on the received data further comprises:
 evaluating factors selected at least one of credit history, income, assets, liabilities, and credit profile.   
     
     
         7 . A method for electronically facilitating a mortgage loan transaction, the method comprising:
 receiving a type of mortgage transaction requested by a borrower;   generating a list of potential loans based on the received type;   receiving a selection of a pre-qualification loan from the list of potential loans;   generating a decision matrix based on actual information associated with the borrower;   generating a list of loans the borrower is qualified for; and   receiving a selection of one of the list of loans the borrower is qualified for.   
     
     
         8 . The method of  claim 7 , further comprising:
 performing sub-transactions associated with the selected loan;   funding the selected loan; and   closing the selected loan.   
     
     
         9 . The method of  claim 7 , wherein the information associated with the borrower is input from a broker module. 
     
     
         10 . The method of  claim 7 , wherein the information associated with the borrower is received from a stored profile of the borrower. 
     
     
         11 . The method of  claim 7 , further comprising:
 receiving loan purchase criteria; and   providing a list of available loans in accordance with the received criteria.   
     
     
         12 . A system for electronically facilitating a mortgage loan transaction, the system comprising:
 means for receiving data associated with a potential borrower at a broker module through communications with the potential borrower, wherein the received data is actual data of the potential borrower;   means for generating a decision matrix for the potential borrower based on the received data;   means for generating a list of loans the potential borrower qualifies for based on the decision matrix;   means for selecting a loan from the generated list;   means for managing sub-transactions associated with the selected loan;   means for funding the selected loan; and   means for closing the selected loan.   
     
     
         13 . The system of  claim 12 , wherein managing sub-transactions associated with the selected loan further comprises:
 means for identifying each sub-transaction associated with the selected loan;   means for ordering each identified sub-transaction; and   means for receiving a result of the sub-transaction.   
     
     
         14 . The system of  claim 12 , further comprising:
 means for creating and storing a transaction profile related to the selected loan.   
     
     
         15 . The system of  claim 12 , further comprising:
 means for analyzing the data using an automated underwriting.   
     
     
         16 . The system of  claim 15 , wherein the means for analyzing the data using the automated underwriting further comprises:
 means for extrapolating information from the broker module; and   means for identifying credit management actions to assist in determining loan qualification.   
     
     
         17 . The system of  claim 12 , wherein the means for generating a decision matrix for the borrower based on the received data further comprises:
 means for evaluating factors selected from at least one of credit history, income, assets, liabilities, and credit profile.   
     
     
         18 . A system for electronically facilitating a mortgage loan transaction, the system comprising:
 means for receiving a type of mortgage transaction requested by a borrower;   means for generating a list of potential loans based on the received type;   means for receiving a selection of a pre-qualification loan from the list of potential loans;   means for generating a decision matrix based on actual information associated with a borrower;   means for generating a list of loans the borrower is qualified for; and   means for receiving a selection of one of the list of loans the borrower is qualified for.   
     
     
         19 . The system of  claim 18 , further comprising:
 means for performing sub-transactions associated with the selected loan;   means for funding the selected loan; and   means for closing the selected loan.   
     
     
         20 . The system of  claim 18 , wherein the information associated with the borrower is input from a broker module means. 
     
     
         21 . The system of  claim 18 , further comprising:
 means for receiving loan purchase criteria; and   means for providing a list of available loans in accordance with the received criteria.   
     
     
         22 . A system for electronically facilitating a mortgage loan transaction, the system comprising:
 a processor;   an user interface for inputting information associated with the mortgage loan transaction; and   a repository accessible by the processor;   wherein the repository stores data associated with a borrower that is received via the user interface,   wherein the processor
 generates a decision matrix for the borrower based on the stored data; 
 generates a list of loans that the borrower qualifies for based on the decision matrix; and 
 performs sub-transactions associated with a selected loan after the loan is selected from the generated list through the user interface. 
   
     
     
         23 . The system of  claim 22 , wherein the processor is located in at least one of a personal computer, a minicomputer, a main frame computer, a microcomputer, a hand held device, a telephonic device, and a network server. 
     
     
         24 . The system of  claim 23 , wherein the network is an Internet. 
     
     
         25 . The system of  claim 23 , wherein the server is coupled to the network via a coupling. 
     
     
         28 . The system of  claim 25 , wherein the coupling is made by at least one of a wired connection, a wireless connection, and a fiberoptic connection. 
     
     
         29 . A computer program code product stored in a computer readable medium for causing a computer to electronically facilitate a mortgage loan transaction, comprising:
 first computer readable program code in the computer readable medium for receiving data associated with a borrower at a broker module, wherein the data is actual data of the borrower;   second computer readable program code in the computer readable medium for generating a decision matrix for the borrower based on the received data;   third computer readable program code in the computer readable medium for generating a list of loans the borrower qualifies for based on the decision matrix;   fourth computer readable program code in the computer readable medium for selecting a loan from the generated list;   fifth computer readable program code in the computer readable medium for managing sub-transactions associated with the selected loan;   sixth computer readable program code in the computer readable medium for funding the selected loan; and   seventh computer readable program code in the computer readable medium for closing the selected loan.   
     
     
         30 . The computer program product of  claim 29 , wherein the fifth computer readable program code for managing sub-transactions associated with the selected loan further comprises:
 eighth computer readable program code for identifying each sub-transaction associated with the selected loan;   ninth computer readable program code for ordering each identified sub-transaction; and   tenth computer readable program code for receiving a result of the sub-transaction.   
     
     
         31 . The computer program product of  claim 29 , further comprising:
 eleventh computer readable program code in the computer readable medium for creating and storing a transaction profile related to the selected loan.   
     
     
         32 . The computer program product of  claim 29 , further comprising:
 twelfth computer readable program code in the computer readable medium for analyzing the data using an automated underwriting.   
     
     
         33 . The computer program product of  claim 32 , wherein the twelfth computer readable program code for analyzing the data using the automated underwriting further comprises:
 thirteenth computer readable program code for extrapolating information from the broker module; and   fourteenth computer readable program code for identifying credit management actions to assist in determining loan qualification.   
     
     
         34 . A computer program code product stored in a computer readable medium for causing a computer to electronically facilitate a mortgage loan transaction, comprising:
 first computer readable program code means for receiving a type of mortgage transaction requested by a borrower;   second computer readable program code means for generating a list of potential loans based on the received type;   third computer readable program code means for receiving a selection of a pre-qualification loan from the list of potential loans;   fourth computer readable program code means for generating a decision matrix based on actual information associated with the borrower;   fifth computer readable program code means for generating a list of loans the borrower is qualified for; and   sixth computer readable program code means for receiving a selection of one of the list of loans the borrower is qualified for.   
     
     
         35 . The computer program product of  claim 34 , further comprising:
 seventh computer readable program code means for performing sub-transactions associated with the selected loan;   eighth computer readable program code means for funding the selected loan; and   ninth computer readable program code means for closing the selected loan.   
     
     
         36 . A computer program product of  claim 34 , further comprising:
 ten computer readable program code means for receiving loan purchase criteria; and   eleven computer readable program code means for providing a list of available loans in accordance with the received criteria.   
     
     
         37 . A computer-readable medium having instructions stored thereon which are executable by an electronic device for electronically facilitating a mortgage loan transaction by performing steps comprising:
 receiving data associated with a potential borrower at a broker module through communications with the potential borrower, wherein the received data is actual data of the potential borrower;   generating a decision matrix for the potential borrower based on the received data;   generating a list of loans the borrower qualifies for based on the decision matrix;   selecting a loan from the generated list;   managing sub-transactions associated with the selected loan;   funding the selected loan; and   closing the selected loan.   
     
     
         38 . A computer-readable medium having instructions stored thereon which are executable by an electronic device for electronically facilitating a mortgage loan transaction by performing steps comprising:
 receiving a type of mortgage transaction requested by a borrower;   generating a list of potential loans based on the received type;   receiving a selection of a pre-qualification loan from the list of potential loans;   generating a decision matrix based on actual information associated with the borrower;   generating a list of loans the borrower is qualified for; and   receiving a selection of one of the list of loans the borrower is qualified for.   
     
     
         39 . The computer-readable medium of  claim 37 , wherein steps performed by the electronic device further comprising:
 performing sub-transactions associated with the selected loan;   funding the selected loan; and   closing the selected loan.   
     
     
         40 . The computer-readable medium of  claim 37 , wherein steps performed by the electronic device further comprising:
 receiving loan purchase criteria; and   providing a list of available loans in accordance with the received criteria.